Commerce Bank Makes New Investment in Brown & Brown, Inc. $BRO

Commerce Bank acquired a new stake in shares of Brown & Brown, Inc. (NYSE:BRO) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 8,022 shares of the financial services provider’s stock, valued at approximately $515,000.

Several other large investors have also made changes to their positions in BRO. Union Bancaire Privee UBP SA purchased a new position in shares of Brown & Brown during the first quarter worth $25,000. Basepoint Wealth LLC purchased a new stake in Brown & Brown in the fourth quarter valued at $27,000. Darwin Wealth Management LLC acquired a new stake in Brown & Brown during the 2nd quarter worth about $30,000. DV Equities LLC purchased a new position in shares of Brown & Brown during the 4th quarter valued at about $33,000. Finally, Allied Private Wealth LLC purchased a new position in shares of Brown & Brown during the 2nd quarter valued at about $35,000. 71.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on BRO. Royal Bank Of Canada restated a “sector perform” rating on shares of Brown & Brown in a research note on Wednesday, July 29th. Mizuho boosted their price target on Brown & Brown from $81.00 to $86.00 and gave the company an “outperform” rating in a report on Wednesday, July 29th. Barclays upped their price objective on Brown & Brown from $72.00 to $76.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Truist Financial set a $90.00 price objective on shares of Brown & Brown in a research note on Wednesday, July 29th. Finally, UBS Group reaffirmed a “neutral” rating and set a $73.00 target price (up from $65.00) on shares of Brown & Brown in a report on Wednesday, July 8th. Four investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $76.80.

Brown & Brown Stock Performance

NYSE BRO opened at $71.35 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.11 and a quick ratio of 2.11. The stock’s 50 day simple moving average is $68.77 and its 200-day simple moving average is $65.75. The company has a market cap of $23.88 billion, a PE ratio of 22.51, a price-to-earnings-growth ratio of 3.63 and a beta of 0.59. Brown & Brown, Inc. has a 1-year low of $53.81 and a 1-year high of $97.49.

Brown & Brown (NYSE:BRO) last issued its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). Brown & Brown had a return on equity of 13.17% and a net margin of 17.75%.The firm had revenue of $1.65 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same quarter in the previous year, the firm posted $1.03 earnings per share. The firm’s revenue for the quarter was up 30.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Brown & Brown, Inc. will post 4.5 EPS for the current fiscal year.

Brown & Brown Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 19th. Shareholders of record on Wednesday, August 12th were paid a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Wednesday, August 12th. Brown & Brown’s payout ratio is 20.82%.

Brown & Brown Profile

Brown & Brown, Inc (NYSE: BRO) is a professional insurance brokerage and risk advisory firm that provides a broad range of property and casualty, employee benefits, personal risk, and specialty insurance products. The company works with commercial, public sector and individual clients to design and place insurance programs, manage claims and loss control, and deliver risk management consulting. Its services also include wholesale brokerage, program administration and other specialty distribution solutions that connect carriers and intermediaries to niche markets.

Brown & Brown operates through a decentralized model of operating units and subsidiaries, enabling local client service with the scale to access national and specialty markets.